An Illinois property-tax notice shows an amount after the state equalization factor is applied but before exemptions are subtracted. What is that amount called?
Correct Answer
B) The assessed value after application of the state equalization factor, before subtracting qualifying homestead exemptions
EAV is calculated by multiplying the assessed value by the state equalization factor (also called the multiplier). Homestead exemptions are subtracted from the EAV in a subsequent step to arrive at the taxable value — they are not part of the EAV itself.
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Related Topics & Key Terms
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Related Concepts
A title search is an examination of public records to determine the history of ownership, liens, encumbrances, and other interests affecting a property. It verifies that the seller has the legal right to transfer the property.
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
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- → In Oklahoma, real estate documents such as deeds are recorded with which office?
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